Copper slid as the market again failed to hold gains amid economic uncertainty ahead of a statement from Federal Reserve's policy-making committee. Copper supported by tighter market balance reflected in industry data showing world refined copper consumption exceeded production by 281,000 tonnes between January and June this year, against a deficit of 125,000 tonnes in the same year-ago period - International Copper Study Group  (ICSG). London Metal Exchange (LME) copper warehouse stocks slipped 2,475 tonnes to 382,500 tonnes. Copper has touched a low of Rs 351.35 a kg after opening at Rs 353.55, and last traded at Rs352.5.For today market is looking for the support at 350.9, a break below could see a test of 349.4 and where as resistance is now likely to be seen at 354.5, a move above could see prices testing 356.5.

Trading Ideas:

Copper trading range is 349.4-356.5.

Copper slid as the market again failed to hold gains amid economic uncertainty

Copper looks to take support at 350.90 and resistance at 354.50.

Copper weekly stock at Shanghai exchange came down by -3860 tonnes.